Post by ukipa on Jan 29, 2013 19:14:17 GMT 4
Anglo American Plc (AAL) will write down $4 billion from the value of its Minas-Rio iron-ore project in Brazil and raise spending for a sixth time after prior blowouts forced Chief Executive Officer Cynthia Carroll to quit.
Capital expenditure at Minas-Rio will reach $8.8 billion should Anglo use $600 million it has set aside for possible cost increases, the London-based company said today in a statement. That compares with an original estimate of $2.6 billion in 2008.
Read full article...
www.bloomberg.com/news/2013-01-29/anglo-takes-4-billion-writedown-on-minas-rio-raises-spending.html
Capital expenditure at Minas-Rio will reach $8.8 billion should Anglo use $600 million it has set aside for possible cost increases, the London-based company said today in a statement. That compares with an original estimate of $2.6 billion in 2008.
Read full article...
www.bloomberg.com/news/2013-01-29/anglo-takes-4-billion-writedown-on-minas-rio-raises-spending.html